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April 01, 2004

WOCCU Chairman, McVeigh Praises CU League of Hong Kong

Madison,WI-World Council of Credit Unions,
Inc.
(WOCCU) Board Chairman L. R. (Bobby) McVeigh,
addressed attendees of the 37th Annual General
Meeting of the Credit Union League of Hong Kong
(CULHK), at the Sheraton Hong Kong Hotel and
Towers.

Mr. McVeigh's address praised the CULHK for
its
performance in 2003, which increased credit union
membership in Asia and increased total share
balance by 27%.
He also congratulated the CULHK's initiative in
accepting time deposits for the first time in
2003. Time deposits accounted for the
accumulation of $81 million HK in its inaugural
year. He thanked the League for its aggressive
role in local and overseas training courses and
continued involvement in legislative measures to
make credit unions more accessible throughout
Asia.

McVeigh also stressed the need for credit
unions
to fill the role as quality financial service
providers to those in need throughout, what he
referred to as, the global community, "so that
credit unions can help people to help
themselves." Since, as the Chairman pointed
out, "four out of five people in the world
community don't have access to safe, sound
financial services... they use loan sharks,
moneylenders and payday lenders...at interest rates
of 150% to 1000%." He believes that, "everyone
should have the right to safe, sound financial
services," and that credit unions exist to
fulfill the role left vacant by other financial
institutions so that they can "help people help
themselves...since people have the same basic
needs, to provide for themselves and their
families."

He also praised the role that volunteers play
within the Credit Union communities as
the, "heart of our communities."

Mr. McVeigh also commended President, Charles
Yip, for his leadership and stressed his desire
to bring the ACCU back as a full, rather than
associate member, of the World Council and have
direct membership and seats on the WOCCU Board of
Directors.

The Chairman closed his address by presenting
the
assemblage with challenges for the future. He
advised them to remember their roots as they
continue to grow. He recommended that they
continue to cope with change, especially in the
area of legislative initiatives. He pointed out
the importance of "expanding the bonds of
association," being as inclusive as possible and
focusing on marketing to youth. Lastly, he
presented a vision for the exploration of new
opportunities in mainland China, which he sees as
endless, where "the hundreds of millions of
peoples there can have the opportunity to learn
and be part of one of the best kept secrets in
the world, the credit union."

World Council of Credit Unions is the global trade association and development agency for credit unions. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions' financial performance and increase their outreach.

World Council has implemented more than 290 technical assistance programs in 71 countries. Worldwide, 57,000 credit unions in 103 countries serve 208 million people. Learn more about World Council's impact around the world at www.woccu.org.